reports
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Mémoire : Et si nous étions à l’aube d’un ‘supercycle’ ?
Les prix de la mémoire ont progressé de 15% sur un mois et de ~30% YTD. Cela reflète une forte tension sur l’offre alors que la demande IA est plus élevée qu’attendu. Les stocks de mémoires sont, par ailleurs, au plus bas, ouvrant la voie en 2026 à un supercycle, tiré par l’IA mais aussi par l’intégration de l’Edge AI dans les smartphones/PC. Un marché des semis à ~+15/20% en 2026 est crédible dans ce contexte. Dans notre couverture, cela devrait d’abord bénéficier à ASML, VAT, Siltronic, ASMi e...
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
TEP TELEPERFORMANCE SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BAS BASF SE
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
RACE FERRARI NV
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIK SIKA AG
JEN JENOPTIK AG
STLA STELLANTIS N.V.
ZGN ERMENEGILDO ZEGNA NV
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
PAL PALFINGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TECN TECAN GROUP AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
FTG111 FLATEXDEGIRO AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
VUL VULCAN ENERGY RESOURCES
ZGN ERMENEGILDO ZEGNA NV
SHUR SHURGARD SELF STORAGE LIMITED
ARM ARM HOLDINGS PLC
ARVEN ARVERNE GROUP SA
AMS AMS-OSRAM AG
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
PAL PALFINGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TECN TECAN GROUP AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
FTG111 FLATEXDEGIRO AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
VUL VULCAN ENERGY RESOURCES
ZGN ERMENEGILDO ZEGNA NV
SHUR SHURGARD SELF STORAGE LIMITED
ARM ARM HOLDINGS PLC
ARVEN ARVERNE GROUP SA
AMS AMS-OSRAM AG
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
TEP TELEPERFORMANCE SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BAS BASF SE
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
RACE FERRARI NV
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIK SIKA AG
JEN JENOPTIK AG
STLA STELLANTIS N.V.
ZGN ERMENEGILDO ZEGNA NV
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Memory: What if we were on the eve of a super cycle?
Memory prices have risen by 15% m-o-m and by ~30% since the start of 2025. This reflects a tight supply situation, with demand for AI stronger than expected. Memory inventories are also at an all-time low, paving the way for a super cycle in 2026, driven by AI but also by the integration of Edge AI in smartphones/PCs. A semis market at ~+15-20% in 2026 is a credible scenario in this context. In our coverage, this should first benefit ASML, VAT, Siltronic, ASMi and SUSS (Outperform vs Neutral), f...
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Oliver Metzger
- Robert Jan Vos
- Usama Tariq
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: 3Q25 preview - USD headwind to take centre stage. Basic-Fit: 3Q25 results preview, new consensus, we expect strong membership ingrowth. Fagron: 3Q25 growth hiccup in N America, strong organic performance in EMEA, Latam. Lotus Bakeries: UK VAT conflict for Näkd negatively impacts 2024 profitability. Ontex: 3Q25 preview: consensus implies a second profit warning for FY25F. Randstad: Preview 3Q25F results due 22 October; consensus released. Staffing: French revenue impro...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Thibault Leneeuw
- Wim Lewi
Fagron reports solid third quarter performance with 6.4% revenue growt...
Fagron reports solid third quarter performance with 6.4% revenue growth and confirms full year outlook Regulated information - inside informationNazareth (Belgium)/Rotterdam (The Netherlands), 9 October 2025 – 7:00 AM CET Fagron reports solid third quarter performance with 6.4% revenue growth and confirms full year outlook Fagron, the leading global player in pharmaceutical compounding today publishes its quarterly results for the period ending 30 September 2025. Key Highlights Q3 2025 organic growth at CER1 of 8.5% on a normalized basis2 and 5.7% including the GLP-1 impactRevenue for ...
Fagron rapporteert een solide resultaat in het derde kwartaal met een ...
Fagron rapporteert een solide resultaat in het derde kwartaal met een omzetgroei van 6,4% en bevestigt voor het hele jaar de verwachtingen Gereglementeerde informatie - voorkennisNazareth (België)/Rotterdam (Nederland), 9 oktober 2025 - 07:00 uur CET Fagron rapporteert een solide resultaat in het derde kwartaal met een omzetgroei van 6,4% en bevestigt voor het hele jaar de verwachtingen. Fagron, de toonaangevende wereldwijde speler op het gebied van farmaceutische bereidingen, publiceert vandaag haar kwartaalresultaten voor de periode eindigend op 30 september 2025. Belangrijkste hoogte...
- ING Helpdesk
Benelux Morning Notes
Acomo: Acquires Manuzzi, expanding footprint in Southern Europe ASR: Ingrid de Swart to succeed Jos Baeten as CEO of ASR in May 2026 Fagron: Antitrust clearance for Brazilian Purifarma and Injeplast deals PostNL: Relaxation USO D+3 brought forward, pre-earnings analyst call 3Q25 Sofina: Over €0.5bn of additional firepower
- Hilde Van Boxstael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Fagron receives Brazilian antitrust clearance for Purifarma and Injepl...
Fagron receives Brazilian antitrust clearance for Purifarma and Injeplast acquisitions Regulated information - inside informationNazareth (Belgium)/Rotterdam (The Netherlands), 6 October 2025 – 7:00 AM CET Fagron receives Brazilian antitrust clearance for Purifarma and Injeplast acquisitions Fagron, the leading global player in pharmaceutical compounding, announces that the Brazilian competition authority, CADE, has granted clearance for the previously announced acquisitions of Purifarma and Injeplast in Brazil. The clearances represent an important step forward in executing Fagron’s di...
Fagron verkrijgt goedkeuring door de mededingingsautoriteit in Brazili...
Fagron verkrijgt goedkeuring door de mededingingsautoriteit in Brazilië voor de overnames Purifarma and Injeplast Gereglementeerde informatie - voorkennisNazareth (België)/Rotterdam (Nederland), 6 October 2025 – 07.00 uur CET Fagron verkrijgt goedkeuring door de mededingingsautoriteit in Brazilië voor de overnames Purifarma and Injeplast Fagron, de toonaangevende wereldwijde speler in farmaceutische bereidingen, kondigt aan dat de Braziliaanse mededingingsautoriteit, CADE, goedkeuring heeft verleend voor de eerder aangekondigde acquisities Purifarma and Injeplast in Brazilië. De goedke...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Wim Lewi
- Jacob Mekhael
Galapagos Media reports Paul Stoffels behind non-binding offer for cel...
According to media reports, Paul Stoffels, Galapagos' previous CEO, has assembled a group of investors to bid for the company's cell therapy business. After joining Galapagos in 2022, Paul Stoffels pivoted the company towards cell therapies and focussed the company's efforts on de-centralised CAR-T manufacturing as a way to broaden access to such treatments. Following his resignation earlier this year, he now has placed a non-binding offer for the cell therapy business which is under strategic r...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Jacob Mekhael
Galapagos Receives non-binding offers for cell therapy business
Galapagos announced that it has received a limited number of non-binding offers from consortia, predominantly comprised of financial investors, to acquire the cell therapy business. The deadline for potential bidders to put forward binding, fully-financed, offers is in the coming weeks. The company will make an announcement on the outcome of the review of strategic alternatives for the cell therapy business no later than its 3Q25 update on 5 November 2025. € 37 TP and ACCUMULATE reiterated.
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